Here Is The Complete Guide To Getting A Two Wheeler Loan

Have you ever considered owning a two-wheeler? A bike loan allows you to purchase a bike of your desire at cheap interest rates and manageable monthly EMI’s. With low-interest rates and a longer loan term, you may budget your repayments according to your circumstances.

Loan Eligibility:

Minimum age: 18+
Stable Job for at least one year
Good CIBIL score
Permanent contact number
Permanent home address

Documents Required for a Two-Wheeler Loan:

Identity proof like PAN card, Aadhar card, passport, etc.
Address proof like Aadhar card, PAN card driving license, etc.
Salaried Individuals:

Bank Statements (6 months)
Employment letter
Salary slips
Self-Employed

Business details
STR (sales tax returns)
Three years ITR (income tax returns)

How to Calculate EMI?

You can calculate EMI’s using the bike EMI calculator. Utilize the calculator to evaluate interest rates and EMIs offered by several banks before making a final decision on the purchase of your chosen two-wheeler.

How to Apply?

To apply online, go to the website of your desired bank, fill out the essential information on the application form. Share the required details asked by the bank. Check if you are eligible using the eligibility criteria to get your loan approval.

To apply offline, contact the bank or visit the nearest branch. The customer care will guide you further with the procedures.

Utilize the bike loan function, which enables you to finance up to 95%* of the bike’s worth with our Two wheeler loan. It is the most effective method of managing your money when you lack other resources.

Must Read:

How To Get The Best Bike Loan Rates?

How Much Minimum Down Payment is Required for Bike Loan?

Two Wheeler Loan

Bike loans are customised loans to buy a bike conveniently without collateral. When you take out a loan to acquire a high-value item such as a vehicle or a two-wheeler, you are often asked to pay between 5 to 30% of the purchase price upfront, referred to as the down payment. The lender gives the remaining 70–95% of the value as a loan. That said, many lender’s offer bike loans at zero down-payments too.

**What is Zero Down Payment?**

Several lenders offer zero down payment bike loans to simplify and optimise the loan application process. If you match the qualifying requirements, the bank will pay the total amount of the bike or scooter without requiring you to make any payments.

**Factors Affecting Zero Down Payment Amount**

Determining an appropriate down payment amount while ensuring that your EMI is as low as feasible is necessary. However, you need to understand the elements that influence the down payment amount before you do so.

The two-wheeler price

Bike model

Your ability to repay

Credit score – the better your credit score, the more money you may borrow.

You can use a bike EMI Calculator to determine the monthly payment required for an EMI. This sum should be easily manageable for you financially.

**Two-wheeler Loan Processing Fees**

Getting a bike loan involves paying a processing fee from your bike’s price—requests for loans process at a cost. In addition, they are often in the form of a percentage of the overall loan. There are no exceptions to the non-refundable processing charge.
Take advantage of this facility and apply for two-wheeler loans and fulfil your needs.

Must Read:
How To Calculate Two Wheeler Loan EMI?

How to choose the best two-wheeler loan interest rates?

Two Wheeler Loan

If you are planning to buy a two-wheeler on loan, there are several Indian banks and private lenders who are willing to offer these loans at competitive rates. You need to do extensive research before you opt for a two-wheeler loan and read the fine print of the loan agreement carefully to avoid any disappointment later on.

Getting a two-wheeler loan has become a lot easier now as you can effortlessly apply for it online from the comfort of your home. To choose the best two-wheeler loan, you should first visit the websites of various banks and lenders and do a comparative analysis of bike loan interest rates offered by them.

Your next step should be to work out the bike loan EMI as per your budget and this exercise can be done by using the two-wheeler loan EMI calculator available on every bank and private lender’s website. Just feed the tenure of the loan which is best suited as per your monthly income with the rate of interest applicable and the EMI calculator will give you the desired results.

Check: Two Wheeler Loan Interest Rates

There are some other factors that you must take into consideration while choosing the best two-wheeler loan. Check out the additional benefits like zero processing fee, free insurance, and a free gold coin offer during special occasions. You can also bargain for a better interest rate if you are a loyal customer of the bank and have savings or a current account in the same bank.

How to Choose the Best Bike Loan in India

Bikes Gyan, Two Wheeler Loan

Indian youngsters fancy driving a bike of their dreams to feel the adrenalin rush and make it their style statement. To make their dream come true, they either make a cash down payment to purchase their preferred bike or avail a bike loan to give wings to their dream.

It requires a bit of effort to choose the best bike loan in India as one needs to do an extensive online search for banks and private lenders who offer two-wheeler loans. Bike loan interest rates vary from bank to bank, and one needs to research extensively to get the best rate with comfortable Equated Monthly Installments (EMIs).

Several factors influence the bike loan interest rate, such as customer profile, income, and repayment capacity. In addition, the amount of loan you are availing of and its tenure are the other two crucial aspects of a bike loan.

It is advisable always to take a loan that you can comfortably pay every month in EMIs. You can finalize the tenure of the bike loan after considering your repayment capacity. Moreover, you can try to foreclose the loan if you have surplus funds.

A longer tenure often attracts a higher interest rate. Therefore, choose the best bike loan after considering the above factors and enjoy riding your dream bike with peace of mind.

How To Choose The Best Two Wheeler Loan Rates?

Two Wheeler Loan

Two wheels are better than four especially in a nation like India where traffic conditions almost make it impossible for a car owner to reach point A to point B in time. Hence, lenders are always on the hunt for more customers by offering loan interest rates that are competitive.

So how can one choose the bike loan interest rate that is ideal for them especially when there are countless lenders out there!?

Well, that is simple.

Bike loan interest rates are decided by a lender after the loan officer considers –

The financial capabilities and
The financial history of the applicant.

In recent years, lenders are, however, offering more leniencies towards loan applicants in a bid to attract more customers.

In this context, it is best to state that the loan interest rate, however, largely depends on the CIBIL score of the applicant. Even if the repayment habits and past financial history of the applicant are stellar but the CIBIL score of the same is poor, the applicant will end up getting awarded with a high interest rate.

Bike finance interest rates will be less for applicants who –

Have a stable source of income
Pay their taxes on time and
Have a healthy habit of returning what they owe to their lender(s) on time.

It also largely depends on the down payment for a bike along with the ex-showroom price of the bike. It can also vary depending on the requirements set by the bike dealer.

Hence, it is best to sit down with a loan officer at a bike dealer and have a detailed discussion regarding financing your bike. It is one of the many ways you can keep your dream bike from becoming a financial burden for you, in the long run!

Also, Read:

How To Choose The Best Two Wheeler Loan?

How To Calculate Two Wheeler Loan EMI? Know All Process

Two Wheeler Loan

Back in the day, EMIs were calculated using the traditional pen and paper approach but not anymore. Irrespective of the lender you choose, it is likely that when you open the official website of the lender, you will be welcomed with an online EMI calculator tool that will allow you to know your EMI against the loan you applied to buy your dream bike.

How does it work?

As soon as you have chosen your preferred two wheeler finance service provider, you would need to head on over to the official website of the same and look for the online two wheeler loan emi calculator tool.

After that, you would need to put in the principal amount that you are applying for along with the rate of interest your loan officer is offering you and the tenure of the loan.

After you have provided the tool with the aforementioned details, you would have to press the ‘calculate’ button on the tool and wait for a few seconds. The result will be shown on your screen in no time.

In this context, it is best for you to keep in mind that irrespective of the principal amount if you choose a longer tenure period for the loan then your EMI will be very low and in case you want to reduce the tenure period for the loan then the EMI you would need to bear will be a substantial amount.

Apply for – Bike Loan

Hence, it is crucial that you choose a tenure that is right in the middle so that your two wheeler loan does not become a financial burden for you in the long run.

Must Read:

How To Choose The Best Two Wheeler Loan?

Top Reasons Why You Should Choose A Two Wheeler Loan

Two Wheeler Loan

Funding a two-wheeler with the help of loans is noticeably the most economical and secure approach. Loans help you buy the choicest two-wheeler without spending your savings. And to brace this, given below is the complete list of reasons.

Low-Interest Rates

The interest rates of a Two wheeler loan mostly start at 7.25%, allowing you to purchase and pay off your loan through small EMIs comfortably.

Flexible Repayment Method

The repayment methods of these loans are very flexible. You can choose EMI and tenure according to your comfort. Moreover, you can also use a bike loan EMI calculator to get an idea of the EMI amount.

Less Time-Consuming

The time taken for documentation and approval is significantly less for a two wheeler loan. Some also offer options to apply online, simplifying the proceedings.

Minimum Down Payment

Most two-wheeler loans facilitate a small down payment. They offer finances up to 95% of the total price, helping you buy your dream bike at a low cost.

Conclusion

The bike loan EMI calculator is the unique feature offered by Bajaj Auto Finance that helps compare and decide interest rates and EMIs before making the final decision. Moreover, two-wheeler loans like the ones provided by Bajaj Auto Finance allow you to borrow 100% of the ex-showroom price.

Must Read:

Everything You Should Know About Two Wheeler Loan

Major Factor To Consider While Choosing a Best Two Wheeler Loan?

Two Wheeler Loan

Bikes in India are getting expensive hence the only option that remains for the average, as well as the motorcycle enthusiast, is to choose a bike loan. This post will try to shed light on some factors that one should consider while choosing a two wheeler loan.

Bikes, whether they are made in India or are imported as CKD or CBU units, are pretty expensive these days. Hence, if a commuter or a motorcycle enthusiast wants to own the bike of their dreams then they would need to apply for a **Two wheeler loan**.

**But how can one know for sure which loan scheme would suit them the best?**

**Well, they would need to choose a bike loan scheme based on the following parameters –**

You would need to make sure that the rate of interest asked by the lender is on par with your budget and does not increase the on-road price of the bike by many folds.

For the best results, make sure that the lender you are choosing has a **bike emi calculator** programmed into its official website so that you can figure out the exact amount you would need to bear as a recurring amount in the form of EMIs for the debt you owe to the lender.

The next consideration should be the time taken by the lender to complete all the paperwork and related formalities. You are finally buying a two-wheeler to make sure that your commute to work or a weekend leisure destination can be completed in style in comfort and that too in no time. Hence, if you choose a lender that takes a lot of time to complete all the formalities, it will also increase the time taken by the bike dealer to let you ride away in your dream bike to glory. Always choose a lender that offers electronic paperwork. In this way, you will be able to park your dream bike at your parking lot in no time!

Must Read:
How We Can Calculate Bike Loan EMI Online?

Things to Know While Comparing Two Wheeler Loans

bike loan, Two Wheeler Loan

Owning a two-wheeler is a popular decision for many Indians. However with rising production costs and ever-increasing ex-showroom prices, one has to take a two-wheeler loan. So what are the things that one should keep in mind while comparing a two-wheeler loan? Well, this post will shed light on some of those factors.

There are several aspects that one might need to keep in mind while comparing two-wheeler loans from different lenders. Some of those considerations are as follows –

Every lender has its set eligibility criteria which may or may not differ from other lenders. Hence, the first step that one should take is to make sure that they are meeting the eligibility criteria set by the lender before they apply for the Two wheeler loan.
One must also make sure that the loan amount they will be getting will be enough for them to buy the two-wheeler they want. Some lenders do not ask for a down payment from the loan applicant but at the same time, one must carry out the necessary research so that the rate of interest will be within their budget.
The loan process should be seamless and the time taken to complete all paperwork should be short. For the best results, it is ideal to go for lenders that prefer e-paperwork instead of traditional paperwork as the former takes less time.
Finally, it is best to go for lenders that offer a dedicated bike loan emi calculator tool on their website so that the applicant can check out whether or not the minimum EMI the lender will be charging will be within budget or not.

Must Read:

How to Get an Instant Approval on Bike Loan Online?

Everything You Should Know About Two Wheeler Loan ( 2021 )

bike loan, Two Wheeler Loan

A two-wheeler is one of the fastest ways to commute in India. This is the reason why people prefer owning a bike over a car when they want to reach from point A to B in a hurry.

On that note, when you are finally done deciding which bike you want, you are probably planning to apply for a two wheeler loan.

Here are a few things that might come in handy –

Eligibility criteria that most lenders follow

The applicant should be above 21 years old.
The applicant should have a stable job or a stable income in case the same is a businessperson.
To ensure that the bike loan interest rates are within your limits, you would need to make sure that you have a good CIBIL score (which should be in the range of 700-750).

Documents needed

Apart from filling out the loan application form, you would need to bring with you a self-attested photocopy of your PAN card which the lender will be using as ID proof.
The lender will also ask for proof of address. In this case, all you would need to do is bring a self-attested photocopy of your voter ID or passport.
The lender will also ask for your bank statements for the last three months.
Whether you are a salaried individual or a businessperson, your lender will also ask for the latest ITR details.
You would also need to bring with you at least ten copies of your passport size photographs.

Must Read:

How To Get The Best Two Wheeler Loan Interest Rates?